Groupama // 2021 Universal Registration Document
2 THE GROUP’S BUSINESSES Insurance in France
2.2
INSURANCE IN FRANCE
2.2.1
ECONOMIC ENVIRONMENT AND MARKET TRENDS
2.2.2
COMPETITION AND POSITIONING
In 2021, French insurance premium income totalled €240 billion, up sharply from 2020 ( source: France Assureurs, 30 March 2022) . Life and health insurance premium income totalled €178 billion. In 2021, total life insurance premiums reach a record high of €151.1 billion, and net inflows rose to +€23.7 billion, a level not seen since 2010. At €58.5 billion and +€34.7 billion, unit-linked represent 39% of the premium and net inflows is also at unprecedented levels. The success of savings/pension plans contributes to this performance thanks to the increased number of new enrolments. The PER segment marketed by insurance companies recorded an additional 1.3 million policyholders in 2021 for a total outstanding amount of €29.6bn at the end of 2021. The outstanding amount of life insurance contracts is €1,876 billion. At the end of 2021, assets under management in life insurance policies totalled to €1,876 billion. In health insurance and protection, premium income increased +4.3% to €26.5 billion, with growth in health (+3.6%) and protection insurance (+5.1%). In property and casualty insurance, premium income reached €62.4 billion at the end of 2021, an increase from +3.8% in 2020. In motor insurance, contributions reached €23.9 billion, up +1.9%, in line with the increase in the fleet (+1.5%). The rebound in the economy in 2021 benefited civil liability (+8.6%) and construction (+11.8%).
On the mature insurance market in France, many insurance companies offer products comparable to Groupama’s products, sometimes through the same marketing techniques. The Group is in competition with insurance companies, mutuals, and bancassurance companies and may face competition on the savings market from asset Managers, independent asset management advisors and other financial institutions. The difference lies primarily in the following criteria: the size, power and quality of the distribution networks, ❯ particularly in advisory services; the range of products offered, their quality, and the capacity for ❯ innovation; prices; ❯ service quality; ❯
financial management performance; ❯ brand reputation and awareness; ❯ attractiveness of products to customers. ❯
Groupama generated €12.9 billion in premium income in France in 2021. The table below shows the change in Groupama’s ranking in France, the number 6 French multi-line insurer in 2021:
French ranking
2021
2020
Insurance
6
9
P&C
3
3
L&H
12
14
Source: L’Argus de L’Assurance – December 2021.
2.2.3
PROPERTY AND CASUALTY INSURANCE
Groupama generated €5.8 billion in premium income in property and casualty insurance in France at 31 December 2021.
20 Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES
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